Global Crossing Asks Employees to Leave
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Bankrupt international voice and data carrier Global Crossing Ltd., currently under intense scrutiny by the Securities and Exchange Commission for possible accounting improprieties, said Friday it is offering employees an incentives program to voluntarily leave the company's payroll.
Global Crossing said the program is part of an overall expense reduction effort. Accepted applicants to the program will receive a cash payment based on salary grade and length of service, as well as a period of continued benefits.
Employees will be able to apply for the program between Feb. 22 and Feb. 27. The company said employees considered essential to its operation are not eligible, nor are employees who have already submitted resignations, contract employees, or those who have already received separation notices.
The company has not yet determined how many employees it will accept into the program, noting that the number will be determined by the needs of individual groups within the company and the effect of other expense reduction programs.